Saba Capital Closes London Whaling Port

Hedge funds cannot survive on fish and chips alone.
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By Everett Henry (1893–1961) (http://www.loc.gov/exhibits/treasures/tri064.html) [Public domain], via Wikimedia Commons

By Everett Henry (1893–1961) (http://www.loc.gov/exhibits/treasures/tri064.html) [Public domain], via Wikimedia Commons

The whales around London have been hunted to extinction. There are no more oil-and-ambergris-filled behemoths to harpoon in the City. Such fishing as there remains is no longer enough to support a fully-fledged wharf on the banks of the Thames. And things do not look like they shall improve. Give Boaz Weinstein’s regrets to Her Majesty.

The $1.8 billion (£1.4 billion) hedge fund firm will move European trading operations to New York, said one of the sources with direct knowledge of the matter….

The reason for Saba Capital's move was not clear although it comes at a time of uncertainty for fund firms based in Britain as talks begin on the country's exit from the European Union.

Saba Capital, Famed for ‘London Whale’ Bet, to Shut London Office: Sources [NYT via Reuters]

Related

Boaz Weinstein Kills it in May . . .

May was the worst month for hedge funds since October 2008. The HFRX Global Hedge Fund Index lost 2.6 percent. Don’t tell that to Boaz Weinstein. Yeah, he might have lost $1 billion at Deutsche Bank, but that’s old news. Boaz’s Saba Capital (Hebrew for grandfather) bucked the trend in May, up 1.6 percent for the month and 5.8 percent for the year.